Tax Law Blog

Ongoing budget cuts appear to be weakening the enforcement efforts of the Criminal Investigation branch of the IRS, according to its most recent annual report.

If you are an American with foreign accounts living stateside or abroad, the foreign bank account report (FBAR) is an important annual obligation. Let’s talk about why.

For overseas holdings in excess of $10,000, US residents are required to file a Report of Foreign Bank and Financial Accounts (FBAR). One Connecticut man, with over $28 million in overseas accounts, failed to do so and has pleaded guilty to the...

A Beverly Hills resident was recently indicted by a federal grand jury for a slew of tax violations, including corruptly endeavoring to impede the internal revenue laws, filing false tax returns, claiming exemptions he did not qualify for, and...

It's a long-time notion that rich Americans stash their cash overseas accounts to avoid paying their dues to Uncle Sam. But, those lofty ideas are quickly fading. Three Southern California residents have been sentenced to prison for hiding millions...

The Internal Revenue Service (IRS) is cracking down on foreign accounts with an iron fist. This was made clear when a former professor at the University of Rochester was not only fined $100 million for failing to disclose foreign bank accounts in...

The more things change in Washington DC, the more things remain the same. Though administrations have changed, the Internal Revenue Service continues its pursuit of information about offshore bank accounts that might be used to hide assets and evade...

As regular readers of our national tax law blog know, we frequently touch upon issues related to FBAR. For those unfamiliar with acronym, it stands for Report of Foreign Bank and Financial Accounts. These reports are required for Americans who have...

A trio of brothers hid their offshore bank accounts worth millions for over a decade, and the long arm of the law has finally caught up to them. The IRS is taking much stronger measures to seek out hidden foreign bank accounts and tax evasion....

He was an apparently savvy emeritus professor of business administration. Dan Horsky amassed a fortune of $200 million by investing in start-ups, according to an article in the Wall Street Journal. However, Horsky recently paid half of that -- $100...